Unchained announced that Bakkt has agreed to join its network of collaborative custody partners. Bakkt joins Coincover and Kingdom Trust as members of the network, providing Unchained's collaborative custody offering with the greater breadth in the industry, and giving clients the most security and choice for storage of their bitcoin. For institutions and businesses, Unchained's collaborative custody network introduces an entirely new model for securing their bitcoin treasury.

These accounts require several private keys to access their bitcoin, and clients can elect to hold a private key or not while distributing the rest geographically among best-in-class agents, including Unchained and now Bakkt. The model empowers clients to ensure their funds are nearly vulnerable to exchange hacks and collapses--without the risks of self-custody, such as loss of private keys. Unchained developed this product due to the strong belief that no single custodian can be better than a custody solution that distributed the keys among several custodians.

The addition of Bakkt to Unchained's collaborative custody network further expands the options clients have when building a vault with Bakkt's multi-signature custody offering. Bakkt Custody is operated by Bakkt Trust Company LLC, an NYDFS Qualified Custodian, and has current SOC I type II reports. Founded in traditional finance by Intercontinental Exchange Inc. (ICE) to meet the needs of institutional clients, Bakkt shares Unchained's value for compliant and secure crypto infrastructure and services.